Which of the following statements is 'True'?

Building Account is a nominal account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Outstanding rent account is a non-personal account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Every debit has a corresponding credit

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Income is debited

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C Every debit has a corresponding credit
In accounting, for every debit there is an equal and opposite credit.

Suggest Corrections

Similar questions

State whether the following statements are True or False.

1) Prepaid insurance is nominal account.
2) Personal transactions of proprietor are recorded in the books of account of business.
3) Every debit has equal and corresponding credit.
4) Loan account is personal account.
5) Drawing account is a real account.
6) Commission received is a nominal account.
7) Outstanding wages is a nominal account.
8) Bank of India is an example of real account.
9) An order placed for the goods, entry is passed/recorded in the book of account.
10 Every transaction has only on effect

Q. Rent paid to landlord, and Ram's account has been debited.

This error ____________ .

Q. Match List-I with List-II and select the correct answer using the codes given the lists:

List-I(Types of accounts)	List-II(Principles)
I. Real Accounts	(a) Debit the receiver credit the giver
II. Nominal Accounts	(b) Debit what comes in credit what goes out
III. Personal Accounts	(c) Debit all expenses,losses credit all incomes,gains

Rectify the following errors:

(a)	Salary paid Rs 5,000 was debited to employee’s personal account.
(b)	Rent Paid Rs 4,000 was posted to landlord’s personal account.
(c)	Goods withdrawn by proprietor for personal use Rs 1,000 were debited to sundry expenses account.
(d)	Cash received from Kohli Rs 2,000 was posted to Kapur’s account.
(e)	Cash paid to Babu Rs 1,500 was posted to Sabu’s account.

Rs. 1,000 paid as rent to Krishna, the landlord, was debited to Krishan's personal account. This error is an:

Join BYJU'S Learning Program

Which of the following statements is 'True'?

The correct option is C Every debit has a corresponding creditIn accounting, for every debit there is an equal and opposite credit.

The correct option is C Every debit has a corresponding credit
In accounting, for every debit there is an equal and opposite credit.